سԹ

Skip to content

سԹ Reacts to Newly Passed $60.7 Billion New Jersey State Budget

سԹ Reacts to Newly Passed $60.7 Billion New Jersey State Budget

July 9, 2026

UPDATE: The $60.7 billion spending plan the largest in the Garden State’s history.

TRENTON, NJ (July 1, 2026) The سԹ (سԹ), the nation’s leading small business advocacy association with thousands of members in the Garden State, released the following statement by ew Jersey State Director Eileen Keann reaction to the New Jersey Legislature’s passage of the FY2027 state budget, which was signed into law by Gov. Mikie Sherrill late last night. The $60.7 billion spending plan the largest in the Garden State’s history.

“Governor Sherrill’s $60.74 billion dollar record-setting spending plan for Fiscal Year 2027 passed late yesterday, narrowly avoiding a midnight deadline before a government shutdown. Unfortunately, the budget process was without the transparency the governor promised during her Budget Address delivered before the Legislature in March.

“Fortunately, the so-called ‘Make Polluters Pay Act’ did not reach her desk. The ill-conceived legislation was vigorously opposed by سԹ and the business community, making it clear that retroactively penalizing fossil fuel companies by taxing them billions of dollars for legally providing essential products would drive companies out of the state. The bill would weaken the economy and adversely impact current and future job opportunities, all while incurring very costly litigation for taxpayers. Certain members of the Legislature refuse to understand that ultimately the consumer pays for all new taxes in the form of price and fee increases. This is a big issue for small business. سԹ released its first energy survey of its membership this year, showing that small businesses are deeply impacted by energy costs. Just 8% of small business owners reported that their energy costs had not increased in the last three years.

“While سԹ is thankful that the Medicaid tax does not impact small businesses employing fewer than 50 people, we are concerned with the precedent. It is unfair to tax a company because their employees and dependents receive their health insurance through a state run insurance product. An employer will be required to pay up to $750 per employee plus $750 per dependent for employees enrolled in NJ Family Care. It is a mandated pay-first-and-appeal-later process projected to raise $145 million annually. Not only is the tax onerous but the process will be a financial burden on the very businesses that make the engine of New Jersey’s economy run.

“سԹ supported S4534/A5325 that reduced business formation fees. Per the law signed with the budget, incorporation filing fees will be reduced by $25.00. While fee reductions are beneficial, is this really a step toward making New Jersey more affordable? With Trenton enacting yet another record-breaking level of state spending, the unprecedented spending growth of the last decade and the steep tax burdens in the state need a hard look by lawmakers if New Jersey is ever to become more affordable for taxpayers and Main Street businesses.”

###

For over 80 years, سԹ has been the voice of small business, advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. سԹ is nonprofit, nonpartisan, and member driven. Since our founding in 1943, سԹ has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit .

Get to know سԹ

سԹ is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

Related
July 24, 2026
WATCH: What Happened for Small Businesses During the 2026 Arizona Legislative Session?
Learn what happened in Phoenix during the 2026 legislative session and how it affects your small business.
Read More
In Front of the Massachusetts State House in Boston
Related
July 23, 2026
 An Economic Development Bill Should Help Massachusetts Small Businesses, Not Hurt Them
How does adding new hurdles to a law that refunds taxpayers more of their hard-earned money make Massachusetts more affordable or competitive?
Read More
Open office scene with two workers at desks and large computer monitors, a man stands by a kitchen railing in the background.
Related
July 15, 2026
State Policies Impacting Small Businesses
States considered small business measures during the 2026 legislative sessions, including taxes, minimum wage, extreme heat standards, IRC conformity, and tort…
Read More
Related
July 14, 2026
سԹ Joins Lawsuit Filed Today in the Oregon Tax Court
“The Legislature cannot circumvent a constitutional requirement”
Read More

© 2001 - 2026 سԹ. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility